Peak Raises $21 Million for B2B AI Tech

By Bruce Harpham Thursday, March 4, 2021

Peak, a UK-based startup company, has raised $21 million in series B funding to accelerate its growth. Based in Manchester, the B2B startup company uses AI to improve business decision-making. Peak's customers have used its decision AI (artificial intelligence) software to reduce costs and increase revenues.

“It’s becoming impossible to run a business without AI. Making critical decisions without AI would be like driving a Formula 1 car while wearing a blindfold,” stated Richard Potter, co-founder, and CEO at Peak, in a press release.

Peak CEO Richard Potter.

Doubling Revenue In 2020

The British AI startup business has proliferated over the past year. Overall revenue doubled in 2020. Furthermore, the AI business has a broad range of business customers, including PrettyLittleThing, KFC, PepsiCo (NASDAQ: PEP), Marshalls, and Speedy Hire. The AI company focuses on serving three customer categories: retail, manufacturing, and customer goods.

Optimizing Business Supply Chain Costs

The boom in ecommerce shopping over the last year means more pressure on warehouses. However, the Manchester company has AI to help with supply chain management.

Peak has helped customers reduce total supply costs by 8% and increase picks per minute rates. In the fall of 2020, Amazon (NASDAQ: AMZN) announced plans to open 100 distribution centers. As warehouse activity expands, the AI company will have the opportunity to grow quickly.

How Peak Makes AI Easier for Business Customers

In the past, starting an AI project at a company required a significant investment. Companies like IBM, Google, and Microsoft have invested heavily in acquiring AI companies and hiring AI talent. That resource-intensive approach makes sense for companies that want to offer AI as a critical offering. For other companies, working with a startup like Peak makes more sense.

“Peak connects all elements of a customer's data, such as their sales, marketing, inventory, product, warehouse, and supply data, into Peak’s Decision Intelligence software (CODI). Peak’s in-house team of data scientists can manage the entirety of this phase, enabling a business user to easily apply CODI to make faster, more accurate, more consistent commercial decisions,” Richard Potter, CEO of Peak, told Startup Savant in an interview.

Peak Has $42 Million in Funding From Investors

Peak has succeeded in driving significant business funding from the investor community and has raised $42 million in total from investors. The startup company’s main investors include Oxx, MMC Ventures, and Praetura Ventures. Oxx is a UK-based venture capital firm with a focus on B2B software companies.

The Oxx portfolio of investments includes Forescout (a B2B, or business-to-business, cybersecurity startup company), ThinkTank (a Denver startup company focused on ERP technology), and Goodlord (a London startup focused on landlord management software).

MMC Ventures has prior experience investing in AI companies. The venture capital investor has invested in Signal AI, an AI startup company serving the public relations industry.

Located in Manchester, Praetura Ventures is a venture capital investor that has invested in Sorted (an ecommerce company) and Inspired Energy (a B2B energy company based in the UK).

About the Author


Headshot of Bruce Harpham

Bruce Harpham is an author and marketing consultant based in Canada. His first book, "Project Managers At Work," shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.

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